Qualifying for Foreclosure Assistance
Negotiating Between You and Your Lender
Sternberg Law Group will conduct a free consultation to determine whether you are a pre-qualified candidate for a loan modification. While the qualification formula is complicated and comprehensive, generally, people who have suffered a documentable hardship will qualify for a loan modification program.
A loan is considered modified when the lender (bank) agrees to reduce the homeowner’s (borrower) monthly payment by restructuring the existing terms of the loan. The lender will reduce interest rates, adjust the length of the contract and reduce principle balance in an effort to make the loan payments affordable to the homeowner’s current financial position.
In 2009, we project that 70 million homeowners will enter into a loan modification program to save their homes.